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FDC: Ending FX Sale to BDCs Disrupts 'Juiciest Economic Racket'


• Naira depreciates to N525 on parallel market, stable on I & E window
Obinna Chima and
Nume Ekeghe
By putting an end to the sale of foreign exchange (FX) to Bureau De Change (BDC) operators, Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has “disrupted one of the juiciest gravy trains in the Nigerian economic racket,” Financial Derivatives Company Limited (FDC) has stated.
However, the naira depreciated to N525 to a dollar yesterday on the parallel market, lower than the N505 to a dollar it traded on Tuesday after the central bank announced its discontinuation of FX sale to BDCs. But on the Investors and Exporters’ (I & E) window, the naira exchange rate against the dollar closed at N411.60 to a dollar at the close of market yesterday, compared with the N411.50 to a dollar it closed the previous day. ....

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Analysts: Expect More Coys to Jostle for Infrastructure Tax Credit Scheme


Festus Akanbi
Following the Federal Executive Council’s approval for a number of key infrastructural projects to be undertaken by the Dangote Group and four other companies in place of their tax obligations under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, some economic watchers at the weekend said the current state of infrastructure in Nigeria will compel more companies to key into the scheme.
MTN and BUA Group are some of the private sector companies that won the bid to construct federal roads as part of the Road Infrastructure Tax Credit Scheme.
Other participating private sector firms are Access Bank, Transcorp Group, GZI Industries, Mainstreet Energy, and Dangote Group. ....

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